A euphemism used to describe the meticulous theorizing of lazy college students, wherein they bounce ideas back and forth without any sort of factual basis or support. See, mental masturbation. See, armchair politics.

Ralph thought that legalizing prostitution would be awesome, because then he could get laid.
Ralph brought up this idea in his political science class without doing any sort of research or considering the reality of the situation.
He called it 'political philosophy'.
His professor gave him a verbal thrashing.